MIRA INFORM REPORT
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Report No. : |
351209 |
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Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Middle Of Ruixiang Road, Economic
And Technological Development Zone, Xuchang, Henan Province,
461000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
11.08.2000 |
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Com. Reg. No.: |
411000100004788 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject engaged in processing hair
products, fur products and related machinery and equipment,
selling self-made products; exporting self-made products, importing and
exporting the required machinery and equipment, spare parts, raw materials, |
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No. of Employee : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHINA - ECONOMIC
OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name and address
Xuchang Bingyang Industrial CO., LTD.
MIDdle OF RUIXIANG RoaD, ECONOMIC AND technological
DEVELOPMENT ZONE, XUCHANG, HENAN province, 461000 PR CHINA
TEL: 86 (0) 374-3187888 FAX: n/a
EXECUTIVE
SUMMARY
INCORPORATION DATE :
AUG. 11, 2000
REGISTRATION NO. :
411000100004788
REGISTERED LEGAL FORM : Limited liabilities
company
chief executive :
BAI ZHENJIE
(CHAIRMAN)
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 65,000,000
BUSINESS LINE :
processing & TRADING
TURNOVER :
CNY 65,920,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 49,310,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
average
FINANCIAL CONDITION :
Fairly
stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
average
EXCHANGE RATE :
CNY 6.3883 = usd 1
Adopted abbreviations:
ANS
- amount not stated
NS
- not stated
SC
- subject company (the company inquired by you)
NA
- not available
CNY
- China Yuan Renminbi
SC
was registered as a limited liabilities co. at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Aug. 11, 2000.
Company
Status: Limited liabilities co.
This form of business in PR China is defined as a legal
person. No more than fifty shareholders contribute its registered capital
jointly. Shareholders bear limited liability to the extent of shareholding, and
the co. is liable for its debts only to extent of its total assets. The
characteristics of this form of co. are as follows:
Upon the establishment of the co., an investment certificate
is issued to the each of shareholders.
The board of directors is comprised of three to thirteen
members.
The minimum registered capital for a co. is CNY 30,000.
Shareholders may take their capital contributions in cash or
by means of tangible assets or intangible assets such as industrial property
and non-patented technology.
Cash contributed by all shareholders must account for at
least 30% of the registered capital.
Existing shareholders have pre-exemption right to purchase
shares of the co. offered for sale by the other shareholders and to subscribe
for the newly increased registered capital of the co.
SC’s
registered business scope includes processing hair products, fur products and
related machinery and equipment, selling self-made products; exporting
self-made products, importing and exporting the required machinery and
equipment, spare parts, raw materials, excluding the items prohibited or
limited by the country.
SC is mainly engaged in
processing and selling hair products.
Bai Zhenjie is legal representative and chairman of SC at present.
SC
is known to have approx. 200 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the Economic and Technological Development Zone
of Xuchang. SC’s employee refused to release the detailed
information of the premise.
http://www.bingyanghair.com/ The design is professional and the content is
well organized. At present it is in English version.
Email:
bingyanghair@hotmail.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Unknown |
Company’s name |
Xuchang Bingyang Hair Products Co., Ltd. |
Present one |
|
2014-12-28 |
Registered capital |
CNY 40,150,000 |
Present amount |
Note:
As of the end of 2014, SC’s paid-up capital was CNY 40,150,000.
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name Amount
(CNY’0000) % of
Shareholding
Bai
Zhenjie 4,852.19 74.65
Legal representative,
chairman:
Bai Zhenjie is currently responsible
for the overall management of SC.
Working Experience(s):
At present Working in SC
as legal representative and chairman.
Also working in Xuchang
Bingyang Property Co., Ltd. (literal translation) as legal representative
Supervisor:
Li Ruifang
SC is mainly engaged in
processing and selling hair products.
SC’s products mainly
include:
Brand products
Hair weave
Hair extension
Unprocessed raw hair
Mannequin head
SC sources its materials
50% from domestic market, and 50% from overseas market. SC sells 20% of its
products in domestic market, and 80% to overseas market.
The buying terms of SC
include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC include
Check, T/T, L/C and Credit of 30-60 days.
Note: SC refused to
release its main suppliers and clients.
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Registration No. |
5665785 |
5665786 |
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Registration Date |
2010-7-21 |
2009-11-7 |
2010-2-7 |
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Trademark Design |
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Xuchang Bingyang Property
Co., Ltd. (literal translation)
======================
Registration
no.: 411000000006207
Legal representative: Bai Zhenjie
Incorporation
date: 2010-9-13
SC is known to invest in
the following company:
Xuchang New District
Gaosheng Microfinance Co., Ltd. (literal translation)
=====================================
Registration no.:
411000000020955
Legal representative: Wu
Dan吴丹
Incorporation date:
2013-7-29
Overall payment appraisal
:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a
reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current
enquiry with SC's suppliers), our delinquent payment and our debt collection
record concerning SC.
Trade payment experience : SC did not provide any
name of trade/service suppliers and we have no other sources to conduct the
enquiry at present.
Delinquent payment record
: None in our database.
Debt collection record :No overdue amount owed by SC was placed to us for collection
within the last 6 years.
Bank of China Henan Branch
AC#：N/A
Relationship: Normal.
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31, 2014 |
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Total assets |
430,680 |
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========= |
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Total liabilities |
381,370 |
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Equities |
49,310 |
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-------------- |
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Total liabilities &
equities |
430,680 |
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========= |
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Turnover |
65,920 |
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Profits |
2,770 |
Note: SC’s management
refused to release its detailed financial reports.
Important Ratios
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As of Dec. 31, 2014 |
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*Liabilities to assets |
0.89 |
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*Net profit margin (%) |
4.20 |
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*Return on total assets
(%) |
0.64 |
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*Turnover/Total assets |
0.15 |
PROFITABILITY: AVERAGE
The turnover of SC appears
average in its line.
SC’s net profit margin is
average.
SC’s return on total
assets is average.
SC’s turnover is in a poor
level, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is
high.
The risk for SC to go
bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC is considered
medium-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.66.38 |
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|
1 |
Rs.100.45 |
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Euro |
1 |
Rs.70.55 |
INFORMATION
DETAILS
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Analysis Done by : |
HEE |
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Report Prepared by : |
TRU |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT
LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses
adequate working capital. No caution needed for credit transaction. It has
above average (strong) capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors
are apparent. Repayment of interest and principal sums in default or expected
to be in default upon maturity |
Limited with full security |
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<10 |
C |
Absolute credit
risk exists. Caution needed to be exercised |
Credit not recommended |
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NB |
New
Business |
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This score serves as
a reference to assess SC’s credit risk and to set the amount of credit to be
extended. It is calculated from a composite of weighted scores obtained from each
of the major sections of this report. The assessed factors and their relative
weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.